2016 年 2 月 4 日

北京讯(2016年2月5日)- 德州仪器公司(TI) (NASDAQ: TXN) 近日公布其第四季度财务报告,营业收入为31.9亿美元,净收入8.36亿美元,每股收益80美分。其中每股9美分收益产生于此前未计入本季度的两个项目。
关于公司业绩及股东回报,TI董事长、总裁兼首席执行官Rich Templeton做出以下评论:
• “如我们预期,营业收入比去年同期下降了2%,这源于本季度个人电子市场的需求放缓。”
• “模拟和嵌入式处理核心业务组合在本季度表现出色,占第四季度营业收入的87%。”
• “毛利率达到创纪录的58.5%。这反映了我们产品组合的高质量,以及制造战略的高效率,包括300毫米模拟产品生产所产生的效益。”
• “运营过程中产生的现金流再一次体现了公司商业模式的优势。过去12个月的自由现金流同比增长6%,达到37亿美元,占营业收入的28.6%,去年同期的占比则为26.9%。与我们20%-30%的目标范围一致。”
• “过去12个月中,通过股票回购和分派股息,我们给股东们的回报达42亿美元。”
• “我们的策略是将全部无需用来偿还净债务的现金流作为股东回报,并回报给他们权益计酬的收益,这反映了我们对业务模式实现长期可持续性发展的信心。”
• “我们的资产负债表依然强劲,本季度末账面上有32亿美元的现金和短期投资,其中82%归我公司在美国的实体所拥有。到本季度末库存周转天数为115天。”
• “德州仪器在2016年第一季度的预期是:营业收入范围在28.5亿美元至30.9亿美元之间,每股收益范围在57美分至67美分之间。其中,个人电子市场的营业额预期将比去年同期下降大约1.50亿美元。除此之外,我们预计其他业务收入将与2015年第一季度基本持平。”
• “如此前预期,2016年,TI的年度有效税率预计将为30%。”

德州仪器还宣布,有意在未来三年中,逐步淘汰位于苏格兰Greenock的一家小型老式制造工厂。公司计划将这间工厂的生产任务转移到位于德国、日本和美国缅因州的更加高效的200毫米德州仪器晶圆厂中。

    自由现金流为非GAAP财务衡量指标。自由现金流指的是业务经营现金流减去资本支出后的所剩现金。

盈利摘要

单位为百万美元,每股收益除外。

 

 

4Q15

 

4Q14

变化

营业额

$

3,189

$

3,269

-2%

营业利润

$

1,142

$

1,100

4%

净收入

$

836

$

825

1%

每股收益

$

0.80

$

0.76

5%

 

 

 

 

 

 

2015年第四季度的每股盈利中,有9美分盈利产生于此前未计入本季度的两个项目。其中5美分来自研发业务税收减免的确认,4美分来自重组/其他费用,包括出售资产所取得的收益,以及计划中关闭工厂的费用。

现金流量

单位为百万美元。

 

 

 

 

最近连续12个月

 

 

 

4Q15

 

 

4Q15

 

4Q14

变化

营业现金流

 

$

1,430

 

$

4,268

$

3,892

10%

资本支出

$

164

 

$

551

$

385

43%

自由现金流

 

$

1,266

 

$

3,717

$

3,507

6%

自由现金流占营业收入的百分比

 

 

 

 

28.6%

 

26.9%

 

 

过去12个月中,资本支出占到营业收入的4%。 我们的长期目标是4%左右。

现金回报

单位为百万美元。

 

 

 

 

最近连续12个月

 

 

 

4Q15

 

 

4Q15

 

4Q14

变化

分派股息

 

$

386

 

$

1,444

$

1,323

9%

股票回购

$

627

 

$

2,741

$

2,831

-3%

总现金回报

$

1,013

 

$

4,185

$

4,154

1%

 

公司的目标现金回报模式为所有自由现金流加上权益计酬计划的收益,再减去净负债偿还。

 

 

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

(Millions of dollars, except share and per-share amounts)

 

 

For Three Months Ended

 

For Years Ended

 

 

December 31,

 

December 31,

 

 

2015

 

2014

 

2015

 

2014

Revenue ............................................................................

 

$

3,189

 

$

3,269

 

$

13,000

 

$

13,045

Cost of revenue (COR).....................................................

 

 

1,323

 

 

1,374

 

 

5,440

 

 

5,618

Gross profit ......................................................................

 

 

1,866

 

 

1,895

 

 

7,560

 

 

7,427

Research and development (R&D) ...................................

 

 

306

 

 

311

 

 

1,280

 

 

1,358

Selling, general and administrative (SG&A) ....................

 

 

405

 

 

429

 

 

1,748

 

 

1,843

Acquisition charges ..........................................................

 

 

81

 

 

82

 

 

329

 

 

330

Restructuring charges/other ..............................................

 

 

(68)

 

 

(27)

 

 

(71)

 

 

(51)

Operating profit ................................................................

 

 

1,142

 

 

1,100

 

 

4,274

 

 

3,947

Other income (expense), net (OI&E) ................................

 

 

19

 

 

9

 

 

32

 

 

21

Interest and debt expense ..................................................

 

 

22

 

 

22

 

 

90

 

 

94

Income before income taxes .............................................

 

 

1,139

 

 

1,087

 

 

4,216

 

 

3,874

Provision for income taxes ...............................................

 

 

303

 

 

262

 

 

1,230

 

 

1,053

Net income .......................................................................

 

$

836

 

$

825

 

$

2,986

 

$

2,821

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share .................................

 

$

.80

 

$

.76

 

$

2.82

 

$

2.57

 

 

 

 

 

 

 

 

 

 

 

 

 

Average diluted shares outstanding (millions) ..................

 

 

1,027

 

 

1,063

 

 

1,043

 

 

1,080

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share .....................

 

$

.38

 

$

.34

 

$

1.40

 

$

1.24

 

 

 

 

 

 

 

 

 

 

 

 

 

As a result of accounting rule ASC 260, which requires a portion of Net income to be allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents, diluted EPS is calculated using the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income .......................................................................

 

$

836

 

$

825

 

$

2,986

 

$

2,821

Income allocated to RSUs ................................................

 

 

(12)

 

 

(13)

 

 

(42)

 

 

(43)

Income allocated to common stock for diluted EPS ..........

 

$

824

 

$

812

 

$

2,944

 

$

2,778


TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

(Millions of dollars, except share amounts)

 

 

December 31,

 

 

2015

 

2014

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents ...........................................................................

 

$

1,000

 

$

1,199

Short-term investments ................................................................................

 

 

2,218

 

 

2,342

Accounts receivable, net of allowances of ($7) and ($12) ...........................

 

 

1,165

 

 

1,246

Raw materials ..........................................................................................

 

 

109

 

 

101

Work in process ......................................................................................

 

 

846

 

 

896

Finished goods ........................................................................................

 

 

736

 

 

787

Inventories ...................................................................................................

 

 

1,691

 

 

1,784

Prepaid expenses and other current assets ...................................................

 

 

1,000

 

 

850

Total current assets ......................................................................................

 

 

7,074

 

 

7,421

Property, plant and equipment at cost ...............................................................

 

 

5,465

 

 

6,266

Accumulated depreciation ............................................................................

 

 

(2,869)

 

 

(3,426)

Property, plant and equipment, net ...............................................................

 

 

2,596

 

 

2,840

Long-term investments .....................................................................................

 

 

221

 

 

224

Goodwill, net ...................................................................................................

 

 

4,362

 

 

4,362

Acquisition-related intangibles, net ..................................................................

 

 

1,583

 

 

1,902

Deferred income taxes ......................................................................................

 

 

201

 

 

180

Capitalized software licenses, net .....................................................................

 

 

46

 

 

83

Overfunded retirement plans ............................................................................

 

 

85

 

 

127

Other assets ......................................................................................................

 

 

62

 

 

233

Total assets .......................................................................................................

 

$

16,230

 

$

17,372

 

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Current portion of long-term debt ................................................................

 

$

1,000

 

$

1,001

Accounts payable .........................................................................................

 

 

386

 

 

437

Accrued compensation .................................................................................

 

 

664

 

 

651

Income taxes payable ...................................................................................

 

 

95

 

 

71

Accrued expenses and other liabilities .........................................................

 

 

410

 

 

498

Total current liabilities ..................................................................................

 

 

2,555

 

 

2,658

Long-term debt .................................................................................................

 

 

3,120

 

 

3,630

Underfunded retirement plans ..........................................................................

 

 

196

 

 

225

Deferred income taxes ......................................................................................

 

 

37

 

 

64

Deferred credits and other liabilities .................................................................

 

 

376

 

 

405

Total liabilities ..................................................................................................

 

 

6,284

 

 

6,982

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $25 par value. Authorized – 10,000,000 shares

 

 

 

 

 

 

Participating cumulative preferred – None issued ...................................

 

 

 

 

Common stock, $1 par value. Authorized – 2,400,000,000 shares

 

 

 

 

 

 

Shares issued – 1,740,815,939 ...............................................................

 

 

1,741

 

 

1,741

Paid-in capital ..............................................................................................

 

 

1,629

 

 

1,368

Retained earnings ........................................................................................

 

 

31,176

 

 

29,653

Treasury common stock at cost

 

 

 

 

 

 

Shares: 2015 – 729,547,527; 2014 – 694,189,127 .................................

 

 

(24,068)

 

 

(21,840)

Accumulated other comprehensive income (loss), net of taxes (AOCI) ......

 

 

(532)

 

 

(532)

Total stockholders’ equity ...........................................................................

 

 

9,946

 

 

10,390

Total liabilities and stockholders’ equity ..........................................................

 

$

16,230

 

$

17,372

 

As of December 31, 2015, we elected to early adopt and retrospectively apply two new accounting standards that require reclassification on our Consolidated Balance Sheets of: (1) deferred income taxes from current to noncurrent accounts, and (2) debt issuance costs from Other assets to Long-term debt. We have reclassified these amounts in the prior periods’ financial statements to conform to the 2015 presentation.



TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(Millions of dollars)


 

 

For Three Months Ended

 

For Years Ended

 

 

December 31,

 

December 31,

 

 

2015

 

2014

 

2015

 

2014

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

Net income ...............................................................................

 

$

836

 

$

825

 

$

2,986

 

$

2,821

Adjustments to Net income:

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation ........................................................................

 

 

172

 

 

211

 

 

766

 

 

850

Amortization of acquisition-related intangibles ....................

 

 

79

 

 

80

 

 

319

 

 

321

Amortization of capitalized software ...................................

 

 

10

 

 

14

 

 

48

 

 

59

Stock-based compensation ..................................................

 

 

58

 

 

60

 

 

286

 

 

277

Gains on sales of assets .......................................................

 

 

(82)

 

 

(29)

 

 

(85)

 

 

(73)

Deferred income taxes .........................................................

 

 

51

 

 

23

 

 

(55)

 

 

(61)

Increase (decrease) from changes in:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable .............................................................

 

 

318

 

 

223

 

 

77

 

 

(49)

Inventories ...........................................................................

 

 

80

 

 

(33)

 

 

93

 

 

(53)

Prepaid expenses and other current assets ...........................

 

 

5

 

 

(16)

 

 

94

 

 

65

Accounts payable and accrued expenses .............................

 

 

2

 

 

30

 

 

(188)

 

 

(194)

Accrued compensation ........................................................

 

 

44

 

 

38

 

 

7

 

 

89

Income taxes payable ...........................................................

 

 

(10)

 

 

9

 

 

11

 

 

(81)

Changes in funded status of retirement plans ...........................

 

 

(88)

 

 

(131)

 

 

(23)

 

 

(58)

Other ........................................................................................

 

 

(45)

 

 

(32)

 

 

(68)

 

 

(21)

Cash flows from operating activities ............................................

 

 

1,430

 

 

1,272

 

 

4,268

 

 

3,892

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures .................................................................

 

 

(164)

 

 

(125)

 

 

(551)

 

 

(385)

Proceeds from asset sales .........................................................

 

 

100

 

 

96

 

 

110

 

 

142

Purchases of short-term investments ........................................

 

 

(1,054)

 

 

(937)

 

 

(2,767)

 

 

(3,107)

Proceeds from short-term investments .....................................

 

 

437

 

 

475

 

 

2,892

 

 

2,966

Other ........................................................................................

 

 

6

 

 

 

 

14

 

 

7

Cash flows from investing activities .............................................

 

 

(675)

 

 

(491)

 

 

(302)

 

 

(377)

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of debt ................................................

 

 

 

 

 

 

498

 

 

498

Repayment of debt ...................................................................

 

 

 

 

 

 

(1,000)

 

 

(1,000)

Dividends paid .........................................................................

 

 

(386)

 

 

(356)

 

 

(1,444)

 

 

(1,323)

Stock repurchases ....................................................................

 

 

(627)

 

 

(698)

 

 

(2,741)

 

 

(2,831)

Proceeds from common stock transactions ..............................

 

 

110

 

 

140

 

 

442

 

 

616

Excess tax benefit from share-based payments ........................

 

 

15

 

 

25

 

 

83

 

 

100

Other.........................................................................................

 

 

 

 

1

 

 

(3)

 

 

(3)

Cash flows from financing activities ............................................

 

 

(888)

 

 

(888)

 

 

(4,165)

 

 

(3,943)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in Cash and cash equivalents .....................................

 

 

(133)

 

 

(107)

 

 

(199)

 

 

(428)

Cash and cash equivalents at beginning of period ........................

 

 

1,133

 

 

1,306

 

 

1,199

 

 

1,627

Cash and cash equivalents at end of period ..................................

 

$

1,000

 

$

1,199

 

$

1,000

 

$

1,199


2015年第四季度各业务单元业绩

 

 

4Q15

 

4Q14

变化

模拟:

 

 

 

 

 

营业收入

$

2,073

$

2,123

-2%

营业利润

$

787

$

822

-4%

嵌入式处理:

 

 

 

 

 

营业收入

$

700

$

670

4%

营业利润

$

164

$

114

44%

其它:

 

 

 

 

 

营业收入

$

416

$

476

-13%

营业利润*

$

191

$

164

16%

 

*包括收购、重组或其他费用。

 

与去年同期相比:

模拟:(包括大批量模拟与逻辑、电源管理、高性能模拟和硅谷模拟业务) 

Ÿ  电源管理、高性能模拟产品及硅谷模拟产品的营业收入有所下降。大容量模拟和逻辑产品业务实现增长。

Ÿ  由于营业收入以及相关业务的毛利下降,营业利润也相应下降。

 

嵌入式处理(包括处理器、微控制器和连接业务)

Ÿ  连接与微控制器业务实现增长。处理器业务有所下降。

Ÿ  由于较低的营业费用,同时营业收入及相关业务毛利增加,营业利润实现增长。

 

其它(包括DLP®产品、定制ASIC产品、计算器和版费)

Ÿ  营业收入下降,主要由于定制ASIC产品和DLP产品的营业收入有所下降。

Ÿ  由于重组及其他费用部分抵消了毛利的下降,营业利润实现增长。

 

2015年各业务单元业绩

 

 

2015

 

2014

变化

模拟:

 

 

 

 

 

营业收入

$

8,339

$

8,104

3%

营业利润

$

3,048

$

2,786

9%

嵌入式处理:

 

 

 

 

 

营业收入

$

2,787

$

2,740

2%

营业利润

$

596

$

384

55%

其它:

 

 

 

 

 

营业收入

$

1,874

$

2,201

-15%

营业利润*

$

630

$

777

-19%

 

*包括收购、重组或其他费用。

 

与去年同期相比:

Ÿ  模拟业务的营业收入增长主要得益于大容量模拟和逻辑产品的营业收入增长。电源管理和硅谷模拟产品也实现了增长,而高性能模拟产品下降。由于营业收入和相关毛利增加,制造成本降低,营业利润相应提高。

Ÿ  嵌入式处理业务的营业收入增长主要得益于连接和微控制器产品,这两项业务的增长抵消了处理器业务的下滑。营业利润的增加主要来自营业费用的下降 

Ÿ  由于定制ASIC产品营业收入减少,其他产品的营业收入有所下降,。DLP产品的营业收入也有所下降。营业利润的下降主要来自营业收入及毛利的降低。

 

 

GAAP财务信息

自由现金流及相关比值

本新闻稿包括根据这一衡量标准计算的自由现金流及各种比值。这些财务衡量标准并不遵循美国一般公认会计原则(GAAP)。自由现金流的计算方法是依照最直接可比GAAP衡量标准,从经营活动所产生的现金流(也被称为经营现金流)中减去资本支出。

本公司认为,自由现金流和相关的比值能够深刻反映公司的流动资金、现金生成能力和潜在可回报投资者的现金金额,并帮助更好地了解公司财务业绩。这些非GAAP衡量指标是可比GAAP衡量指标的补充。

下表中的数据是基于最直接可比GAAP的衡量标准经调整后所得出的数据。

 

 

For Years Ended

 

 

 

 

December 31,

 

 

 

 

2015

 

2014

 

Change

Cash flow from operations (GAAP) ..........................................................

 

$

4,268

 

$

3,892

 

10%

Capital expenditures ...................................................................................

 

 

(551)

 

 

(385)

 

 

Free cash flow (non-GAAP) ......................................................................

 

$

3,717

 

$

3,507

 

6%

 

 

 

 

 

 

 

 

 

Revenue ......................................................................................................

 

$

13,000

 

$

13,045

 

 

 

 

 

 

 

 

 

 

 

Cash flow from operations as a percent of revenue (GAAP) .....................

 

 

32.8%

 

 

29.8%

 

 

Free cash flow as a percent of revenue (non-GAAP) .................................

 

 

28.6%

 

 

26.9%

 

 


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